ASIC has cancelled the Australian Financial Services licence (AFSL) and Australian Credit licence (ACL) of Victorian-based financial services provider and mortgage broker Direct My Wealth Pty Ltd, effective 5 May 2021. On 4 May 2021, Direct My Wealth’s director confirmed to ASIC that it had not carried on a financial services or credit business since […]
Author Archives: ETE
21-105MR REX pays $66,000 penalty for alleged continuous disclosure breach
Regional Express Holdings Limited (REX) has paid a penalty of $66,000 after ASIC issued an infringement notice alleging it had not complied with its continuous disclosure obligations. ASIC found there are reasonable grounds to believe that REX was in breach of its continuous disclosure obligations from 11 May 2020 to 12 May 2020 by failing […]
21-101MR ASIC disqualifies director from managing companies for engaging in illegal phoenix activity
Pauline Jennifer Rogers of Sydney, NSW has been disqualified from managing companies for four years. Ms Rogers was disqualified for her role in the failure of six companies: ACN 099 510 915 Pty Ltd (previously known as TCC Recruitment Pty Ltd); ACN 135 237 633 Pty Ltd (previously known as The Company Connection Pty Ltd); […]
21-096MR ASIC bans former Sydney adviser for eight years
ASIC has banned Sydney-based former financial adviser, Lisa Lee, from providing financial services for eight years. Ms Lee was a representative of Australia and New Zealand Banking Group Limited (ANZ) between 5 June 2010 and 15 June 2017 and Infocus Securities Australia Pty Ltd between 19 September 2017 and 19 November 2018. She is no […]
21-092MR Further dishonesty charges laid against WA financial adviser
On 23 April 2021, Mr Rahul Goel, of Success, Western Australia, appeared before the Perth Magistrates Court charged with a further 12 counts of dishonest conduct and three counts of false certification of documents that occurred between November 2018 and July 2019. These charges are in addition to the four counts of dishonest conduct laid […]
21-079MR Former Victorian financial adviser pleads guilty to obtaining financial advantage by deception
On 21 April 2021, Mr Ahmed Saad, of Glenroy, Victoria, pleaded guilty to one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception. Mr Saad was an authorised representative of Apogee Financial Planning Limited (Apogee) and operated a scheme providing illegal early access to superannuation funds […]
21-073MR Sunshine Coast director disqualified from managing corporations for five years
Michael James Maunder of the Sunshine Coast, Queensland, has been disqualified from managing corporations for five years for his involvement in three failed companies. Between 2017 and 2020, Mr Maunder was a director of the three companies that went into liquidation: Digital Rebl Pty Ltd ACN 623 016 464 (Digital Rebl); Media Rebl Pty Ltd […]
21-062MR ASIC prosecutes companies for failing to lodge financial reports
ASIC prosecuted three companies between 1 July 2020 to 31 December 2020 for failing to comply with their financial reporting obligations. Australian companies are required by law to lodge annual financial reports with ASIC within a specified period after the end of the financial year. The three companies prosecuted by ASIC include: Burbank Properties Pty […]
21-057MR Former mortgage broker sentenced to a 12-month good behaviour bond for failing to take reasonable steps to ensure that he did not make a false statement to ASIC
Mr Henan Gao of Ryde, New South Wales, director of Shinning Crown International Pty Ltd (SCI), has been sentenced in the NSW Downing Centre Local Court to a 12 month good behaviour bond for failing to take reasonable steps to ensure that he did not make a statement that was false or misleading in a […]
21-050MR Benjamin Heath Cooper charged with conspiracy to commit market manipulation
Benjamin Heath Cooper of Bexley NSW appeared on Friday 12 March 2021 in the Perth Magistrates’ Court charged with conspiracy with others to manipulate the market for the shares of Quantum Resources Limited. ASIC alleges that, on 16 November 2015, Mr Cooper conspired with Avrohom Kimelman and Don Evans to manipulate Quantum’s share price, in […]